Ostrum Asset Management
Ostrum Asset Management (formerly Natixis Asset Management).[1] is a financial asset management company created in 2007. It is a subsidiary of Natixis investment Manager[2], the BPCE Group's investment and finance bank.
Presentation
Ostrum AM is a subsidiary of Natixis, a corporate and investment bank of the BPCE group[3], created in 2007 after the merger of Natexis Asset Management and Ixis Asset Management[4]. The original company is the asset management company of the Caisse d'épargne Group, Ixis,[5] founded in 1984, which was later merged with the asset management company of the Banque Populaire Group[6].
Ostrum AM is a financial asset management company with nearly 700 employees. It deals with the management of €324.5 billion of assets and ranks as the third largest French player in terms of market share.[7]
It is a subsidiary of the BPCE banking group, a merger of Caisses d'Epargne and Banques Populaires.[8]
The management company has a global presence through management platforms in Europe[9], the United States[10] and Asia[11].
History
Origin
Creation of CDC-Gestion
On April 25, 1984, CDC Gestion was created through the spin-off of the "account management" activities of the Caisse des Dépôts et Consignations. The company is 80% owned by Caisse des Dépôts and 20% by CNP.[12]
CDC Asset Management Europe
On April 30, 1998, CDC-Gestion absorbed CDC-Trésor. CDC-Gestion changed its corporate name and became CDC Asset Management Europe[13] as of May 1, 1998. It was then owned 83.6% by Caisse des Dépôts and 16.4% by CNP.
On October 29, 1999, CDC Asset Management Europe, which changed its name to CDC Asset Management, is 60% owned by Caisse des Dépôts, and 20% by CNP Assurances and 20% by Caisse Nationale des Caisses d'Epargne.
In June 2000, Nvest was acquired by CDC Asset Management.[14]
CDC IXIS Asset Management
On January 4, 2001, CDC Asset Management changed its name to CDC IXIS Asset Management[15]. It is then 60% owned by CDC-Finance (a wholly-owned subsidiary of Caisse des Dépôts), 20% by CNP Assurances, and 20% by the Caisse Nationale des Caisses d'Epargne.
On January 1, 2002, Caisse des Dépôts sold the majority of its CDC IXIS subsidiary to CDC-Finance, which became the Eulia Financial Company[16]. The CNCE brings its finance division to CDC IXIS, 40% of Crédit Foncier de France and its investments in subsidiaries (including Ecureuil Vie, Ecureuil Gestion). CDC IXIS Asset Management is then 80% owned by Compagnie Financière EULIA (a company 50.01% owned by Caisse des Dépôts and 49.99% by CNCE) and 20% by CNP Assurances.
Release of CDC from capital
Between 2004 and 2006, Caisse des Dépôts gradually separated from its assets in favor of the Caisse d'Epargne group. The company is wholly owned by IXIS Asset Management Group, a holding company specializing in the Group's asset management (a company owned by CNCE and CNP).
On October 29, 2004, CDC IXIS Asset Management changed its name to IXIS Asset Management[17]
Creation of Natixis
In March 2006, the Caisse d'Epargne Group and the Banque Populaire Group announced plans to merge their activities via a new entity named Natixis[18], which is equally owned by Caisse Nationale des Caisses d'Epargne (35% stake) and Federal Bank of Popular Banks (35%), the rest of the capital being publicly traded.
Ostrum Asset Management since 2007
On June 29, 2007, IXIS Asset Management absorbed Natixis Asset Management. It changes its corporate name and becomes Natixis Asset Management, to change again for Ostrum Asset Management in April 2018. The company is wholly owned by Natixis Investment Managers (formerly Natixis Global Asset Management, former IXIS Asset Management Group) on the same date a wholly-owned subsidiary of Natixis).[11]
In July 2010, H2O Asset Management[19] announced its creation in partnership with Ostrum AM as the majority shareholder. This asset management company based in London is based on a "global macro" alternative investment strategy.
In November 2012, Ostrum AM announced the creation of its center of expertise for responsible investment (IR) under the Mirova brand[20]
In January 2014, Ostrum AM announces the spin-off of Mirova, of which it becomes a 100% shareholder. [21]Philippe Zaouati, previously in charge of this center of expertise, becomes its managing director.
On September 9, 2014, Ostrum AM increased its equity stake in Dorval Finance from 25% to 50.1%.
In June 2015, Ostrum AM launched a new brand for emerging markets: Emerise[22]. Led by Stéphane Mauppin-Higashino, this Singapore-based entity is developing four areas of expertise in different investment areas: Global Emergent, Latin America, Emerging Europe and Asia (excluding Japan).
In July 2017, Ostrum AM tests blockchain with FundsDLT. The aim is to reduce costs and potentially the number of intermediaries in asset management. [23]This test was conducted in partnership with KPMG and the IT company In'Tech. This first transaction, via blockchain, in the distribution of funds has been completed.
In April 2018, Natixis Asset Management changed its name and became Ostrum Asset Management as part of Natixis' New Dimension strategic plan. The change of name becomes effective on April 3, 2018. The name Ostrum refers to the European roots of the company (Latin-sounding name) and the purple color of the logo is a reminder of the belonging of strum AM to Natixis and the Group BPCE.
Governance
As at June 30, 2017, the Board of Directors of Ostrum AM is chaired by Jean Raby[24]. Its managing director is Matthieu Duncan[25] since March 2016.
Subsidiaries
Ostrum AM has three subsidiaries:
Mirova
Mirova is a wholly owned subsidiary of Ostrum AM. Founded in 2012 as a brand, this center of expertise specializing in responsible investment is subsidiary as of January 2014. Its headquarters are in Paris. At June 30, 2017, Mirova has more than €8 billion in assets under management.
H2O Asset Management
H2O Asset Management is an asset management company created in 2010, of which Ostrum AM is the majority shareholder with a 50.01% stake. Its investment philosophy is based on a "Global Macro" strategy. As at December 31, 2017, H2O Asset Management manages $15.6 billion. Its headquarters are located in London.
Dorval Asset Management
Created in 1993, Dorval Finance is an asset management company initially specialized in the management of mandates for individual investors. By becoming the majority shareholder in 2014 for a 50.1% stake, Ostrum AM allows Dorval Finance to rely on the global distribution platform of Natixis Investment Managers and the French networks of Groupe BPCE. In 2016, Dorval Finance becomes Dorval Asset Management. Its headquarters are located in Paris. As of June 30, 2017, the company has €1.84 billion under management.
Controversies
Doubl'ô
In 2002, the management of the "Doubl'ô" product by Ecureuil Gestion and its marketing by certain savings banks was the subject of a survey by the AMF. The AMF's Sanctions Committee "decides to find that the facts that are the subject of the prosecution are affected by the prescription". The Conseil d'État confirms this decision on March 28, 2014.
Classed without further criminal proceedings, a civil complaint is filed with the Tribunal de Grande Instance in Paris in January 2015.
Management of formula funds
In April 2015, Mediapart relayed by Les Échos reveals possible anomalies in the management of formula funds. According to Mediapart, nearly 100 million euros would have been paid out of formula funds, in addition to anomalies in their management methods, while Agefi notes that an external audit carried out by the firm Ernst & Young "would not have revealed serious irregularities".
On March 14, 2016, Natixis and BPCE announced the replacement of Natixis Asset Management's CEO, Pascal Voisin, after his precipitate departure on March 11, 2016.
On July 20, 2016, the Autorité des Marchés Financiers (AMF) sent Natixis Asset Management to the sanctions committee.
At its Sanctions Committee meeting on June 23, 2017, the Autorité des Marchés Financiers claimed a €35 million fine against Natixis Asset Management, stating: "There is no doubt that these buyback commissions benefited Natixis AM, in contradiction with what appeared in the fund's prospectus", deeming "particularly shocking" the fact that the founding principles of asset management have thus been called into question.
Natixis Asset Management could defend itself by means of procedural defects.
In March 2018, the UFC-Que Choisir assigns Ostrum AM in the case of formula funds.
Management of Members' funds
In July 2015, Mediapart raised new questions regarding the management by this subsidiary of Natixis and the BPCE cooperative companies of the funds entrusted to it by MPs.
References
- ↑ "Mifid II forces fund managers into sharp research cuts". Financial Times. 22 April 2018.
- ↑ "Company Overview of Ostrum Asset Management". Bloomberg. 7 May 2018.
- ↑ "Global manager sells distribution platform". Financial Standard. 19 April 2018.
- ↑ "Natixis CEO John Hailer to step down this spring". Boston Business Journal. 9 February 2017.
- ↑ "French bank Natixis under formal investigation over sub-prime losses". Reuters. 15 February 2017.
- ↑ "Incoming BPCE head pledges continuity at mutual bank". Financial Times. 27 April 2018.
- ↑ "BRIEF-Natixis re-names fund management unit Ostrum Asset Management". Reuters. 7 March 2018.
- ↑ "Natixis boss Laurent Mignon to take helm at BPCE". Financial Times. 27 April 2018.
- ↑ "New equity chief investment officer at Ostrum Asset Management". FTSE Global Markets. 3 April 2018.
- ↑ "US fails to rake in infrastructure cash". Financial Times. 30 April 2018.
- ↑ 11.0 11.1 "Natixis AM to rebrand as Ostrum AM". Asia Asset Management. 8 March 2018.
- ↑ "Projet de loi relatif à la création de la banque publique d'investissement". Assemblée Nationale (French Parliament). October 2012.
- ↑ "CDC aims to lead Europe". IPE. June 1998.
- ↑ "COMPANY NEWS; CDC ASSET MANAGEMENT AGREES TO BUY NVEST". The New York Times. 17 June 2000.
- ↑ "CDC Ixis Asset Management names France CEO". IPE. 4 February 2003.
- ↑ "Company Overview of Eulia". Bloomberg. 7 May 2018.
- ↑ "Ibrahima Kobar is appointed Deputy CEO". Next Finance. April 2017.
- ↑ "Natixis appoints François Riahi as chief executive". Financial Times. 27 April 2018.
- ↑ "Exclusive: H2O AM, Quadra Capital strike alts fund development deal". International Investment. 11 April 2018.
- ↑ "RIVE, Mirova buy 60-MW French wind project from Nordex". Renewables Now. 3 May 2018.
- ↑ "Cutting Carbon Emissions While Earning Cash". New York Times. 12 January 2018.
- ↑ "Profile". Bloomberg. 7 May 2018.
- ↑ "Blockchain is warming up: Asset manager Natixis says it has made the industry's first 'real' transaction using the technology". City AM. 6 July 2017.
- ↑ "Natixis Hires From UBS". FINews. 13 June 2017.
- ↑ "Natixis Asset Management to test blockchain with FundsDLT". Banking Tech. 19 June 2017.
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